Liquidator can institute proceedings against personal guarantors when appeal was made within Prescribed Limitation Period: NCLT rules in favour of

The NCLT ruled in favor of UCO Bank, stating that the liquidator can institute proceedings against personal guarantors of corporate debtors if the appeal was made within the prescribed limitation period. The case involved the recovery of dues from personal guarantors who had defaulted on their commitments. The decision is significant as it reinforces the ability of creditors to take action against personal guarantors, ensuring that the insolvency process remains effective in recovering corporate debts.